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An Application Study of Valuation of Compound Options in The Real Project

机译：复合期权评估在实际项目中的应用研究。

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Because for large-scale real estate project, the investment is big, the development cycle is long, and it is easy to be affected by the policy. Its decision-making has a bigger uncertainty. Compared with other investment projects, the real estate investment has the following characteristics: poor mobility;poor replacement;big impact of law;many impact factors.Real estate investment analysis is important in the process of real estate projects, and its success or failure is directly related to the consequences of the investment. But the traditional NPV approach ignores the uncertainties of real estate investment and values for dynamic flexibility. This article uses the Geske compound call option pricing formula to establish a real estate investment analysis and evaluation model which is based on the real options analysis in the investment of real estates and the compound option theory. The model makes up the insufficiency of traditional appraisal method, in addition, this article has considered delay costs and reduced the gap between the estimated value and the true one. In the model application, the article has provided a new perceptive and a new method for the value assessment in the real estate projects of multi-stage investments.
机译：因为对于大型房地产项目，投资大，开发周期长，并且容易受到政策的影响。其决策具有更大的不确定性。与其他投资项目相比，房地产投资具有以下特点：流动性差，置换不良，法律影响大，影响因素多。房地产投资分析在房地产项目过程中很重要，其成败是直接关系到投资的后果。但是传统的NPV方法忽略了房地产投资的不确定性和动态灵活性的价值。本文采用Geske复合看涨期权定价公式，建立了以房地产投资中的实物期权分析和复合期权理论为基础的房地产投资分析与评价模型。该模型弥补了传统评估方法的不足，此外，本文还考虑了延误成本并缩小了估计值与真实值之间的差距。在模型应用中，为多阶段投资房地产项目的价值评估提供了新的思路和方法。

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